Malaysia was `cheated' by Goldman Sachs, Mahathir says

Ira Mccoy |Wednesday, November 14, 2018

Malaysia was `cheated' by Goldman Sachs, Mahathir says

"It's the fear of the unknown". The firm said in a quarterly filing earlier this month that it couldn't predict the outcome of the US Justice Department's investigation, but said it could face "significant fines".

The bank spent years repairing its image after it became a favorite congressional punching bag in 2010 for its behavior around the global credit crisis.

They are accused of involvement in a sophisticated fraud linked to former leader Najib Razak, allegations that played a big factor in the shock defeat of his long-ruling government at polls in May. Bernstein analyst Christian Bolu estimated Goldman may see a "financial hit" of US$600 million to US$2 billion from the 1MDB scandal, which would be "meaningful", but "ultimately manageable" for the firm. He also admitted that more than $200 million in proceeds from 1MDB bonds flowed into accounts controlled by him and a relative. According to the prosecutors, the implicated executives admitted that they have gone around the bank's internal compliance systems to avoid detection.

Goldman Sachs saw shares fall 7.5 per cent after Bloomberg reported that the country's finance minister said it would demand a full refund for the fees it paid for 1MDB deals.

The Bukit Aman commercial crimes director said federal police have obtained a 60-day remand letter for the ex-banker better known as Roger Ng following his arrest on November 1 and is now assisting the US Department of Justice (DoJ) with the extradition process.

"There is evidence that Goldman Sachs has done things that are wrong", Mr Mahathir said in an interview with USA news channel CNBC aired on Tuesday. Asked whether the Wall Street firm might be barred from doing business in Malaysia, Mahathir replied: "We are watching".

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Dr Mahathir also saidUS prosecutors have promised to help return money that Goldman Sachs charged for its dealings with 1MDB. The volume of stock bought and sold was more than triple the average amount.

The bank was also the worst performer on the Dow Jones Industrial Average, which is really bad, considering that all but 4 of the companies on the Average declined.

It's unclear how Malaysia plans to regain the fees that Goldman got, and Mahathir said in June that the government would pursue legal action if there is a case.

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